Core Viewpoint - Kangjin Electric is facing challenges with increasing revenue but declining profits, as indicated by a significant drop in net profit for 2024 despite revenue growth [1][5]. Company Overview - Established in 2006, Kangjin Electric is a technology-driven integrated power equipment provider and smart energy management solutions provider [3]. - The company shifted its strategy towards smart renewable energy solutions since 2016, participating in the "source-grid-load-storage" system integration [3]. - Kangjin Electric operates three production facilities in Zhuhai and Ganzhou, employing over 1,400 staff, with approximately 17.1% being R&D and technical engineers [3]. Business Segments - The company has two main business segments: smart distribution network equipment and smart renewable energy business solutions [3]. - The smart distribution network equipment segment includes ring main units, transformers, low and high voltage complete equipment, and distribution automation terminal equipment [3]. Financial Performance - Revenue for Kangjin Electric from 2022 to 2024 was approximately 638 million, 824 million, and 969 million yuan, respectively [5]. - Net profit for the same period was 51.78 million, 56.25 million, and 38.34 million yuan, with a notable 31.83% decline in net profit for 2024 [5]. - The company's gross margin has been declining, with gross profits of 186 million, 230 million, and 246 million yuan, corresponding to gross margins of 29.1%, 27.9%, and 25.4% [5]. Market Position - According to Frost & Sullivan, Kangjin Electric ranks third in the Chinese market for ring main unit sales, holding a market share of 4.4% in 2024 [4]. - Competitors such as Xuchang Electric and Teruid have significantly larger revenue and profit scales compared to Kangjin Electric [5][6]. Listing History - Kangjin Electric has changed its listing plans multiple times, initially aiming for the Shenzhen Stock Exchange in 2020, then switching to the Beijing Stock Exchange, and now applying for a listing on the Hong Kong Stock Exchange [7][8]. - The company aims to raise funds for a new production base in Ganzhou, a new R&D center in Shenzhen, debt repayment, and general corporate purposes [10].

Core Viewpoint - Jiangxi Qiyunshan Food Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to leverage its leading position in the southern hawthorn snack market and expand its operations [1][6]. Company Overview - Qiyunshan Food was established in 1958, making it one of the oldest food manufacturing enterprises in the Ganzhou region, with a history of 67 years [3][5]. - The company primarily focuses on the production and sales of southern hawthorn products, with its flagship product, southern hawthorn cake, launched in 1992 [4][6]. Market Position - In 2024, Qiyunshan Food held a 32.4% market share in the southern hawthorn food sector in China, solidifying its position as the market leader [6]. - The company ranks ninth in the Chinese fruit snack industry, with a market share of 0.6% [6]. Financial Performance - The company's total revenue has shown consistent growth, reaching 2.17 billion, 2.47 billion, and 3.39 billion yuan from 2022 to 2024, with a year-on-year increase of 40.8% in 2024 [6]. - Net profit for the same period was 25.63 million, 23.70 million, and 53.20 million yuan, with a remarkable year-on-year growth of 124.42% in 2024 [6]. Product Sales - Southern hawthorn cake sales accounted for 88.7%, 84.7%, and 86.7% of total sales from 2022 to 2024, indicating its status as the company's signature product [7]. Sales Channels - The company generates 89% of its revenue from offline sales, primarily through third-party distributors, with the number of distributors increasing from 140 to 199 [8]. - Online direct sales accounted for 11.9%, 12.8%, and 9.7% of total revenue from 2022 to 2024, with the company utilizing platforms like Tmall and Douyin for sales [8]. Research and Development - Qiyunshan Food invests significantly in R&D, with expenditures rising from 10.17 million to 11.95 million yuan over the report period [8]. - The R&D team consists of 17 full-time members, led by a senior engineer with extensive industry experience [8]. IPO Fund Utilization - The funds raised from the IPO will be allocated to enhancing R&D capabilities, expanding production and storage capacity, developing e-commerce infrastructure, and strengthening the distribution network [9].

近日，长春长光辰芯微电子股份有限公司（下称"长光辰芯"）递交港交所招股书，拟在港交所上市，中信证券和国泰君安国际是联席保荐人。 IPO日报注意到，长光辰芯在连亏两年后2023年实现了扭亏为盈，但仍未能登陆科创板，如今转道港交所。长光辰芯质地如何？ 来源：张力 扭亏，毛利率下滑 据悉，长光辰芯成立于2012年，诞生于"新中国光学摇蓝"的中科院长春光机所，是国产高性能CMOS（互补金属氧化物半导体）图像传感器龙 头企业，目前主要提供机器视觉、科学仪器和专业影像应用领域的产品及定制服务。 长光辰芯提供九大产品系列，超过50种标准产品，广泛适用于工业成像、科学成像、专业影像和医疗成像等先进技术领域。此外，长光辰芯还 提供定制传感器解决方案。 根据咨询机构弗若斯特沙利文的资料，全球CIS（CMOS图像传感器）市场预计将于2024年至2029年加速增长，总收入预计将由2024年的1391 亿元增至2029年的2103亿元，复合年增长率约为8.6%。就2024年的工业成像收入而言，长光辰芯在全球CIS公司中排名第三，在中国CIS公司中排 名第一，占全球市场份额的15.2%。就2024年的科学成像收入而言，长光辰芯在全球CI ...

Core Viewpoint - Chenghe Technology has abruptly terminated its major asset restructuring plan after two months of preparation due to failure to reach consensus on key terms with the involved parties [1][4]. Group 1: Asset Restructuring Details - Chenghe Technology announced plans to acquire at least 51% of Wuhu Yingri Technology Co., Ltd. for a cash consideration, with an estimated total valuation of 1.8 billion yuan for 100% of Yingri Technology [3]. - Yingri Technology specializes in the research, production, and sales of high-performance sputtering targets, which are essential materials in the electronics manufacturing industry, particularly for semiconductor display panels and touch screens [3][4]. - The complexity of Yingri Technology's shareholder structure and differing opinions on future business development plans hindered the agreement on core transaction terms, particularly regarding performance commitments [4][5]. Group 2: Financial Performance - Yingri Technology reported significant revenue growth from 113 million yuan in 2019 to 315 million yuan in 2021, with year-on-year growth rates of 31.05% and 113.42% respectively. Net profit also increased from 12 million yuan to 84 million yuan during the same period, with growth rates of 115.45% and 215.85% [3][8]. - Chenghe Technology has maintained stable revenue growth since its establishment, with projected revenues increasing from 460 million yuan in 2020 to 882 million yuan in 2024, and net profits rising from 117 million yuan to 250 million yuan in the same period [8]. - In the first quarter of 2025, Chenghe Technology reported a revenue of 220 million yuan, reflecting a year-on-year growth of 14.97%, and a net profit of approximately 71.5 million yuan, up 15.82% year-on-year [8]. Group 3: Impact of Termination - The termination of the asset restructuring will not adversely affect Chenghe Technology's business operations, production activities, or financial status, nor will it harm the interests of the company and its shareholders, particularly minority shareholders [8].

为长辈们的养老钱装上"安全锁"，为金融风险防范筑牢"防火墙"。 为切实守护人民群众"养老钱袋子"，全面提升广大人民群众尤其是老年群体金融风险防范意识和能力，6月27日，"守住钱袋子·护好幸福家"——2025年 上海市养老领域防非宣传活动启动仪式暨防非宣传优秀作品展示会在中国金融信息中心举行。 同时，活动现场对103件获奖作品进行颁奖，这些作品覆盖面广泛、创意新颖独特且针对性强，紧密贴合养老、投资等领域的风险特征，并通过漫画海 报、情景短片、长图绘本等丰富形式，精准揭露了"康养投资骗局""亲情诱导陷阱""AI技术诈骗"等典型诈骗手段，为打造金融安全"防火墙"提供了丰富而鲜 活的宣传素材。 活动的最后环节，上海戏剧学院同学带来的原创舞台剧《养老金不翼而飞》将活动推向高潮，该剧以"低价旅游+情感关怀"真实案例为蓝本，生动还原 诈骗全流程，引发观众强烈共鸣。 据悉，上海各相关部门将以此为契机，以"全周期风险防控、全链条智慧监管、全要素社会共治"为核心，着力构建"宣防一体、数智赋能、多元共治"的 新型防范体系。通过"场景化宣教、穿透式治理、沉浸式体验"三维联动，着力提升广大人民群众防非意识和能力。下一步，上海还将深入开 ...

"去美元"压扁美债信用空间 从承担职能的角度来看，美元只是定价工具、交易媒介，同时也是一种贮藏手段。从服务角色而 言，美元被视为"全球性公共产品"，但如今，美元不仅职能角色被反复错配，而且经常性偏离其作为全 球性公共产品的轨道。最为典型且影响极为广泛的客观事实是，由于美元的全球性结算平台SWIFT（环 球银行金融电信协会）系统在很大程度上受美国控制，对于那些不听从美国指令或者被美国视为"眼中 钉"的国家，美国便可单方面中断或者限制它们的支付结算。结果是，不仅增量贸易无法进行，一些国 家也无奈陷入美元流动性被残酷冻结的窘境。 另一方面，对于许多新兴市场和发展中国家来说，由于本国货币信用较低以及本土融资功能十分有 限，就不得不借助美元进行对外融资，而且绝大多数属于短期融资。尤其是在非常时期，比如金融危 机、新冠疫情等特殊阶段，一些国家更是借助美联储推行宽松货币政策之机，扩大对外负债。但没想到 经济复苏后，美联储会毅然决然地收紧货币政策，举债国不仅面临偿债压力急剧上升的问题，不少国家 由此走上了债务违约之路。即便是在国际社会的支持下清偿了部分负债，这些国家的经济元气也受到重 创，从此跌入艰难复苏的深渊。 美元升值意 ...

Core Insights - The Financial Action Task Force (FATF) issued a stern warning regarding the regulatory gaps in cryptocurrency, particularly stablecoins, which could become a primary channel for cross-border illicit funds, threatening global financial stability [1][4] - As of June 27, the global cryptocurrency market capitalization reached approximately $3.28 trillion, highlighting the urgency of addressing regulatory weaknesses [2] Stablecoin Misuse - Stablecoins are rapidly replacing other cryptocurrencies as the main payment and money laundering methods for criminal organizations, terrorist financing networks, and drug trafficking [4] - In 2024, illegal cryptocurrency wallet addresses received about $51 billion, marking a historical high, indicating a significant influx of illicit funds into the crypto ecosystem [4] - Criminals utilize techniques such as mixing services, cross-chain bridges, and anonymous wallets to obscure their identities, complicating law enforcement tracking efforts [4] - The Bank for International Settlements (BIS) identified three systemic flaws in stablecoins: erosion of monetary sovereignty, transparency issues regarding asset reserves, and lack of settlement functionality [4] Global Regulatory Progress - Despite the imminent risks, global regulatory responses are severely imbalanced, with only 40 out of 138 jurisdictions achieving "basic compliance" as of April this year, which is less than 30% [6] - FATF emphasized that the borderless nature of virtual assets means that regulatory failures in one jurisdiction can have global repercussions [6] - FATF encourages countries to implement Know Your Customer (KYC) measures for virtual asset platforms, establish registration systems for Virtual Asset Service Providers (VASP), and enhance regulation of decentralized finance (DeFi) [6] - Countries like Turkey and the EU are taking swift actions to address compliance gaps, with Turkey mandating identity verification and transaction disclosure for VASP and the EU advancing regulatory frameworks like the Markets in Crypto-Assets Regulation (MiCA) [6][7] Regional Developments - Asian countries such as Singapore and South Korea are strengthening compliance regulations for VASP registration, KYC obligations, and DeFi platforms, aiming to balance fintech innovation and security [7] - According to PwC, 2025 is projected to be a pivotal year for global cryptocurrency regulation, transitioning from principle-based frameworks to enforceable regulations, with comprehensive cross-border law enforcement collaboration expected to commence [7]

Group 1 - The "Five-Five Shopping Festival" in Shanghai has generated a total offline consumption amount of 378.5 billion yuan, with an average daily consumption of 6.76 billion yuan, reflecting a year-on-year growth of 10.0% [1] - The introduction of "shopping district consumption vouchers" has significantly boosted sales, with a total sales amount of 530 million yuan driven by these vouchers, achieving a leverage effect exceeding 5 times [4] - In May, Shanghai's total retail sales of consumer goods reached 151.67 billion yuan, marking a year-on-year increase of 7.5%, with growth in categories related to shopping districts such as textiles and high-quality food [4] Group 2 - The retail sales in monitored shopping districts increased by 2.1% year-on-year from January to May, with 15 districts exceeding a 10% growth rate [7] - The customer traffic in key monitored shopping districts grew by 8.5% year-on-year, indicating a strong recovery in consumer activity [7] - The upgrade of the "Jinji North Life Plaza" to "Jin Qiao Ri Yue Guang Center" signifies a strategic move to enhance regional commercial capabilities, aligning with Shanghai's urban development plans [8] Group 3 - The upcoming "Shanghai Summer" international consumption season will introduce various vibrant activities and themed products, aiming to enhance the consumer experience across different districts [9] - Each district is set to create unique consumption scenarios, such as "Binhai Cruise + Consumption" in Baoshan and "Night Economy + Automotive Life" in Putuo, to attract more visitors and boost local economies [9] - The Shanghai Municipal Commission of Commerce emphasizes the importance of developing top-tier shopping districts to enhance the city's competitiveness and urban profile [9]

第三项测试是货币体系抵御非法活动的完整性。这一要求源于以下认知：若货币体系易受欺诈、金 融犯罪和其他非法活动广泛滥用，则无法赢得社会信任，也无法经受时间考验。 BIS在报告中指出，稳定币未能满足货币的单一性、弹性和完整性测试。从单一性而言，作为数字 无记名工具，稳定币缺乏央行提供的结算功能。稳定币持有量标注着发行方名称，类似19世纪美国自由 银行时代流通的私人银行券。因此，稳定币常以不同汇率交易，破坏单一性，也无法满足银行发行货 币"不问缘由"的原则。 稳定币旨在作为进入加密生态的入口，承诺相对于法定货币（绝大多数是美元）保持稳定价值，并 运行于公共区块链。公共区块链的匿名性（用户身份隐藏在地址背后）虽能保护隐私，却也便利了非法 活动。缺乏传统金融体系的"了解你的客户"（KYC）标准，更加剧了这一问题。稳定币的无记名性质使 其流通无需发行方监督，引发对其用于洗钱、恐怖主义融资等金融犯罪的担忧。尽管稳定币需求可能持 续，但BIS认为其在货币体系层面的完整性测试中表现糟糕。 在全球热炒稳定币的当下，有着"央行的央行"之称的国际清算银行（BIS）给稳定币"祛魅"。BIS在 近日发布的年度经济报告中指出，稳定币在代币 ...

6月26日，A股三大指数集体下跌，沪指收报3448.45点。个股普遍收跌，银行板块逆势领涨，汽车、非银金融板块则 跌幅居前，均超1%。 受访人士告诉记者，近日大金融板块的大幅拉升，显示出机构大资金正在大举入场，成为稳定市场的基石。当前A股 市场具备继续上行的动力。不过，后续走势的持续性仍需密切关注经济基本面的复苏力度、政策面的支持力度以及资金面 的变化情况。 技术性回调 26日午后，A股走低。沪指收跌0.22%报3448.45点，创业板指收跌0.66%报2114.43点。科创50、沪深300、上证50、北 证50均收跌。个股跌多涨少，共计1621只个股收涨，涨停股72只；3609只个股收跌，跌停股3只。沪深两市全天成交额合 计15831.78亿元。 31个申万一级行业板块中，8个板块飘红，主要是石油石化、有色金属等周期板块。银行板块涨幅超过1%；通信、国 防军工板块表现突出，中光防雷、实达集团、楚天龙均涨停；中科海讯、国瑞科技、北方导航、中光学、长城军工等6只 个股收涨。计算机板块微涨，但有7只个股涨停，包括信安世纪、科创信息、延华智能、吉大正元、捷顺科技等。 "此次调整符合震荡市下的技术性回调特征，未现恐慌 ...